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HEARING - Consider recommendations regarding approval of the draft Amendment to the Fiscal Year (FY) 2014-2015 Action Plan and approval and execution of the HOME Loan Agreement for $180,000.00 for the "Solvang Senior Apartments Project;" Third District, as follows: (EST. TIME: 15 MIN.)
a) Consider public comments relating to the "Solvang Senior Apartments Project" that were submitted during the thirty-day public comment period, which commenced on September 13, 2014 and concludes on October 14, 2014 at the close of the public hearing for the Project. All written comments received by HCD on or before 5:00 P.M., October 13, 2014 are included in the draft amendment to the FY 2014-2015 Action Plan. Oral comments may be considered during the public hearing when the Project is considered by the Board for approval;
b) Approve the amendment to the FY 2014-2015 Action Plan and direct staff to submit it to HUD; and
c) Upon Board approval of the amendment to the FY 2014-15 Action Plan, consider the following recommendations:
i) Approve a County HOME loan, in the amount of $180,000.00, to 1758 Laurel Ave., LP; and approve and authorize the Chair to execute originals and duplicate originals of the County HOME Loan Agreement, the County HOME Loan Promissory Note, the County Deed of Trust, Assignment of Rents, and Security Agreement; and the County HOME Regulatory Agreement (together, the Loan Documents) with 1758 Laurel Ave., LP for development of the Solvang Senior Apartments affordable housing project at 1758 Laurel Avenue in Solvang;
ii) Authorize the Community Services Department Director to approve subsequent line item changes to Exhibit B (Budget) of the County HOME Loan Agreement, as long as the total principal amount of the HOME Loan, $180,000.00, is not increased;
iii) Approve the use of up to $70,000.00 in HOME funds to cover costs incurred by the County for Project construction monitoring;
iv) Approve and authorize the Chair to execut...
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